Gary's Blog

Tuesday, April 20, 2010

Maui Real Estate is Looking Good!

It just closed, the $20 million estate on the beach in Makena! Rumor has it that Jennifer Aston is the buyer, while she and Adam Sandler are filming at the Grand Wailea.

I'm sure you all know about the Barron's on-line article for the ten best places for a second home on the planet earth- Wailea is listed as #1!

Economic statistics are looking good, must be why the smart money is back to Maui real estate. For example, the Index of Leading Economic Indicators just rose in March by 1.4%, about 25% higher than economists predicted. That is on the heals of a 0.6% and 0.4% rise in February and January, respectively. Retail spending is up, businesses are boosting stockpiles, and consumer optimism is up, all good for the future of our Maui real estate market. Not necessarily good for interest rates, though. Now is the time to get that great rate!

It sure is nice to see Hawaii's unemployment rate among the lowest in the country, at just 6.9%. North Dakota is the lowest at 4.1%, and Michigan is the highest, at 14.1%. Hawaii is tied in eighth place for the lowest unemployment rate in the nation.

And what better time to come to Maui! The weather is gorgeous this time of year, tourism is down because the snowbirds have gone home, and the families are waiting for summer vacation. So you can pick up a wonderful piece of Maui real estate for a fraction of the value just a few years ago.

For example, I am liking a unit in Wailea that sold for $1,695,000 in 12/06, offered now for 1250k. Very motivated seller in the Wailea Palms, gorgeous remodel, and beautiful ocean views.

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